Eliminate debt, establish a budget, and save.

I do need some debt.

Also, consider the appreciation and tax benefits.

So, for a $60k loan, you'll likely need $12k-$15k for a downpayment, $8k-$12k for closing costs (prepaid insurance and taxes, lender fees, attorney fees, points, prepaid interest, transfer taxes, etc), and then another couple thousand for reserves and whatever else.

The sentiment feels a lot like 2008, home prices are unaffordable, Price to earning ratio don't make sense, rents are high (which is a goo thing only of the homes weren't so expensive), I feel like it's a ticking time bomb with the debt crisis.

Besides lists from the tax assessor, how are you finding your deals?  

He owns 1031 Federal Exchange and is also a tax attorney. 

If you need financial help, ask under the "Finance, Tax, and Legal" forum.

Having a lease in place will help you as well - some lenders won't refi a vacant property.For your refi, you're usually looking at 75-80% max LTV with a debt service loan.

I purchased my first investment property through an online auction for delinquent property tax.